AGP Executive Report

Institutional Bitcoin: Switzerland approved its first retail bitcoin fund, widening access to BTC, while Germany’s Sparkassen banks began offering crypto trading in their apps. Compliance Pressure: MEXC is winding down services for users in Russia and Belarus as EU sanctions tighten; Russia plans to ban direct peer-to-peer crypto trades from July 2027. Wall Street on Ethereum: JPMorgan put its deposit token on public Ethereum for approved clients, and major banks are expanding institutional services on the network. Stablecoin Rails: Mastercard introduced fraud and sanctions screening for stablecoin payments as cross-border payment networks grow. Crime and Enforcement: Italian authorities arrested 30 people in an alleged mafia-linked underground bank that moved about €68 million overseas using crypto; President Trump is set to highlight a US crackdown on foreign crypto-investment scams. Market Watch: Bitcoin fell to about $81,400 as traders sought downside protection amid market jitters.

Stablecoin Rails: MoonPay and South Korea’s Dunamu will explore cross-border stablecoin payments and corporate treasury services. Stablecoin transfers reached $891 billion in the third quarter, more than four times early-2023 levels; seven of the 10 largest U.S. banks have tested stablecoins or tokenized deposits. Wall Street On-Chain: JPMorgan moved its deposit token JPM Coin to Ethereum as Deutsche Bank prepares institutional custody for Bitcoin, Ether and stablecoins. Mastercard also introduced fraud and sanctions screening for stablecoin payments. Trading Expands: Webull plans to offer Bitcoin perpetual futures to eligible U.S. clients in November through CFTC-regulated Kalshi. Bitcoin slipped to $81,400 as Asian chip stocks fell. Access and Rules: Switzerland approved its first retail Bitcoin fund, and German Sparkassen banks launched crypto trading. France approved a 31.4% tax on crypto-to-stablecoin swaps from 2027. Russia’s Split Market: Sberbank plans to offer Bitcoin, Ether and USDT trading to 110 million customers from December, while MEXC is ending services in Russia and Belarus.

Banking Goes Crypto: Germany’s Sparkassen have begun offering Bitcoin, Ether, XRP, Solana and Polygon in their banking app, with more banks expected to join the rollout. Asia Expansion: Bitget plans to acquire licensed Thai exchange GMO-Z.com Cryptonomics, pending regulatory approval, weeks after a $388 million hack affecting its wallets. Stablecoin Safeguards: Mastercard launched a tool that screens stablecoin payments for fraud and sanctions risks before funds move on-chain, aiming to make banks more comfortable handling them. Tokenized Finance: BlackRock is exploring how tokenized money-market fund shares could back traditional Wall Street trades, while Börse Stuttgart won EU approval for a platform to trade and settle tokenized securities. Market Watch: Bitcoin climbed back above $82,000 as risk appetite improved, though rising oil prices and uncertainty around AI stocks continued to weigh on markets.

Bitcoin: BTC rebounded above $82,000 as stronger-than-expected Chinese growth and easing oil prices lifted risk appetite, but selling near $83,000 followed a rise in bond yields. Stablecoin Payments: Stablecoin payments hit $482 billion from January to September, up 45% year over year, even as supply barely grew. Small purchases drove much of the rise, pointing to broader everyday use. Payment Security: Mastercard introduced a tool to screen stablecoin transactions for fraud, sanctions and other risks before settlement, with a global rollout planned for 2027. Ethereum Banking: JPMorgan is bringing its deposit-backed JPM Coin to Ethereum, widening access to the bank’s digital-dollar settlement token. EU Oversight: The European Banking Authority has designated USDC a significant e-money token, bringing it under direct supervision from November. European Expansion: Kraken parent Payward agreed to buy Lithuania’s Saldo Bank, a deal that could give the crypto firm a licensed European banking operation, subject to regulatory approval.

Bitcoin: BTC rebounded above $82,000 as oil eased and risk appetite improved, though weak institutional demand clouds the outlook. Stablecoins: EU regulators named USDC their first significant e-money token. From Nov. 12, the EBA will oversee its reserves, liquidity and redemptions. Yield Risks: Crypto lending vaults now hold more than $10 billion, with some offering returns above 20%; analysts warn of liquidation, hacking and limited investor protection. Regulation: Crypto.com and Novig sued Missouri to stop the state applying sports-betting laws to their event contracts. France is advancing a tax on some crypto-to-stablecoin swaps. Security: A Ledger supply-chain attack involving tampered wallets is linked to more than $90 million in losses, renewing scrutiny of the company’s response and reseller checks. Institutional Push: Deutsche Bank is nearing Bitcoin and Ethereum custody services, while Schwab has opened crypto trading to retail clients.

Iran Sanctions: CENTCOM says U.S. authorities have frozen nearly $350 million in cryptocurrency as a blockade cuts Iranian oil revenue; it also reports that the financial squeeze has left some troops unpaid. Wallet Security: Tampered Ledger devices may have enabled thieves to steal more than $90 million by capturing recovery phrases. Bank Adoption: A survey found 75% of U.S. crypto holders want their bank to manage their assets; Schwab and Interactive Brokers have begun offering crypto services, while Deutsche Bank is preparing custody services. Scam Crackdown: Binance and Coinbase helped authorities identify more than $11 million in potentially freezable funds during an operation that arrested 28 suspects in Ghana and Nigeria. Crypto Rules: Latvia approved a one-time 10% tax declaration option for crypto holdings in 2027, while Russia plans to end direct peer-to-peer crypto trades that year. Political Spending: Crypto-aligned committees have spent more than $52 million opposing Sherrod Brown’s Ohio Senate bid, underscoring the industry’s growing role in U.S. elections.

Scam Crackdown: Binance and Coinbase joined a Ghana-Nigeria operation targeting crypto investment fraud; authorities arrested 28 people and firms flagged more than $11 million for possible freezes, not confirmed recoveries. Stablecoin Demand: BIS researchers found higher bank deposit rates were linked to slower stablecoin growth, with USDC more affected than USDT. Market Moves: Justin Sun says he sold 80%–90% of his ETH near $3,600–$4,000 and shifted much of the proceeds into U.S. stocks, including Nvidia. Exchange Access: Bitget is closing some accounts in Russia, Belarus and Kazakhstan under updated terms, with affected users receiving individual deadlines and withdrawal instructions. Tokenized Treasuries: Italy, Portugal and Singapore hold 66.9% of tokenized U.S. Treasury value with identifiable locations; the market grew to $15.42 billion. Banking Push: Deutsche Bank is reportedly weeks from launching Bitcoin and Ether custody for clients, with expansion into Asia planned for 2027. Wallet Security: A hidden implant linked to Ledger devices has been associated with thefts estimated above $90 million, underscoring risks in hardware supply chains.

Wallet Security: A hardware-wallet supply-chain attack has drained an estimated $90 million; Chainalysis says a crypto scammer alone lost about $4.8 million. Ledger is investigating affected devices, and users are being urged to check their wallets’ origin. Institutional Adoption: Deutsche Bank plans to begin Bitcoin and Ether custody for German institutions within weeks, with an Asia expansion targeted for 2027. Exchange Funding: Binance.US is reportedly seeking up to $100 million at a $1 billion valuation, well below its 2022 valuation of $4.5 billion. Quantum Readiness: Nine crypto groups have formed an alliance to develop verifiable post-quantum security standards for blockchains and wallets. Stablecoin Growth: Circle plans to expand into 40 developing markets, broadening USDC’s potential reach. Scam Crackdown: Brooklyn prosecutors and the FBI disrupted 241 scam websites and seized 112 servers tied to crypto investment fraud targeting Russian-speaking communities. Market Watch: Bitcoin slipped below $80,000 amid inflation concerns and rising oil-market risks.

Laundering Probe: Thai police arrested a Chinese man accused of exchanging crypto and foreign currency for a network linked to more than 500 million yuan in transactions and 133 bank accounts. Stablecoin Expansion: Circle is seeking to enter about 40 developing markets and plans to acquire payments firm Tazapay in a reported $400 million deal, extending its push into cross-border payments. Bitcoin Watch: Bitcoin recovered to around $82,000 after briefly dipping below $80,000, as hotter-than-expected inflation weighed on sentiment and Fed Chair Kevin Warsh offered no signal of another rate hike. Solana in Shanghai: Organisers postponed a major event after registrations exceeded venue capacity; police attendance fuelled speculation, but no blanket ban was confirmed. Wallet Security: Ledger tightened reseller controls after criminals used tampered devices to steal recovery phrases, renewing scrutiny of hardware-wallet supply chains. Bank Adoption: Deutsche Bank is nearing the launch of institutional Bitcoin and Ether custody, with plans to expand services into Asia.

Market Watch: Bitcoin rebounded to about $82,000 after briefly falling below $80,000, as hot inflation triggered nearly $950 million in crypto liquidations. Fed Chair Kevin Warsh offered no clear signal on rates. Stablecoin Payments: A report found stablecoin-funded remittances cost about 84% less than traditional transfers, though payout reliability varies by country. Institutional Adoption: Deutsche Bank is preparing Bitcoin and Ether custody services for institutional clients, with an Asia expansion planned for 2027. Wallet Security: Tampered hardware wallets sold through a reseller were linked to an estimated $90 million in crypto thefts, renewing questions about supply-chain checks. Regulatory Pressure: Taiwan ordered Coinbase and Kalshi websites blocked over suspected election betting ahead of November’s vote. Russia plans to ban direct peer-to-peer crypto trading from July 2027, pushing users toward licensed exchanges. Crypto Politics: Crypto-backed groups have spent more than $52 million in Ohio’s Senate race, targeting former Senator Sherrod Brown.

Bitcoin Volatility: Bitcoin rebounded above $82,000 after briefly falling below $80,000, following nearly $950 million in liquidations as hot US inflation revived rate-hike fears. Institutional Crypto: Deutsche Bank says its first digital-asset custody service could launch within weeks, initially covering Bitcoin and Ether. Circle, meanwhile, plans to expand USDC into about 40 emerging and developing markets. Wallet Security: Ledger’s tampered-device thefts have cost victims tens of millions of dollars; Chainalysis says one victim lost more than 60 BTC, worth about $4.8 million, in funds linked to a scam. Rules Tighten: Russia plans to ban direct peer-to-peer crypto trades from July 2027, while Australia is consulting on tougher exchange rules ahead of a 2027 rollout. Quantum Risk: Nine blockchain groups have formed an alliance to define and verify post-quantum security standards. China Watch: Solana postponed its Shanghai event after attendees reported police outside the venue; the foundation cited venue logistics.

Market Slide: Bitcoin hovered near $81,000 as hotter U.S. inflation and falling Asian stocks dragged crypto lower; nearly $1 billion in leveraged bets were liquidated, with ether taking the biggest hit. EU Stablecoin Rules: Circle’s USDC became the first stablecoin classified as significant under MiCA, bringing direct EU banking-supervisor oversight from November 12. Russia’s Crypto Clampdown: From July 2027, Russians will have to trade through regulated intermediaries; the central bank also says transfers to self-custody wallets are barred. Wallet Security: Ledger is investigating tampered devices linked to tens of millions of dollars in thefts and says a fix may take until 2027. Regulatory Push: Australia is seeking feedback on tougher crypto-platform rules planned for 2027, while BingX secured an Austrian MiCA license covering 29 European markets.

Stablecoin Payments: PPRO is expanding its partnership with Damisa, using regulated stablecoins for same-day cross-border settlement after an initial rollout in Latin America. Cybersecurity: South Korea plans tougher defenses after finding weaknesses at 130 financial firms; recent attacks affected 16 businesses and exposed about 100,000 records. Ledger is also reviewing its supply chain after tampered devices were linked to reported losses above $86 million. Market Pressure: Bitcoin fell below $81,000 as hotter U.S. inflation stoked fears of delayed rate cuts, with analysts warning of further downside. Regulation: EU regulators placed Circle’s USDC under heightened MiCA supervision. Russia says peer-to-peer crypto transfers will be prohibited from July 2027 as licensed exchanges enter the market. France is also weighing a 31.4% tax on some crypto-to-stablecoin swaps from 2027. Banking Push: Payward, Kraken’s parent, agreed to buy Lithuania’s Saldo Bank, a move that could deepen its European banking presence.

Crypto Banking: Kraken parent Payward agreed to buy Lithuania’s Saldo Bank, a deal that could let it offer deposits, loans and euro payments across several EU markets, subject to approval. U.S. Banking Access: The OCC found that nine major banks had policies restricting some crypto businesses, but said it could not measure the full scale of debanking and cited no specific crypto cases. Wallet Security: Ledger traced thefts from some CryptoBilis-sold devices to a hidden chip that stole recovery phrases; the reports have prompted sales suspensions and reseller reviews. Scam Crackdowns: Brooklyn prosecutors and the FBI disrupted 241 websites and seized 112 servers tied to alleged crypto fraud targeting Russian-speaking Americans. Separately, a Ghana-Nigeria operation led to 28 arrests and the removal of 3.7 million social media accounts. Market Watch: Bitcoin hovered near $83,000 after a South Korean stock sell-off triggered more than $800 million in crypto liquidations. Stablecoin Demand: A Visa survey found U.S. willingness to use stablecoins rose from 36% to 56% when respondents were told to imagine bank-like fraud protection and deposit insurance.

Wallet Security: Ledger is reviewing sales and anti-tampering safeguards after a supply-chain attack linked to compromised CryptoBilis devices stole about $93 million in crypto. The incident has prompted retailers and rival wallet maker Trezor to reassess reseller controls. Institutional Crypto: Germany leads the EU in new MiCA approvals, with banks making up most recent licensees. Dutch-backed Qivalis also won authorisation to issue a euro stablecoin, while Kraken parent Payward plans to buy a European bank. Russia’s Crypto Push: Sberbank has secured approval to offer crypto trading, and the Moscow Exchange is preparing a December launch. Scam Crackdown: A U.S.-U.K.-led operation with Meta and Coinbase removed more than 3.7 million accounts and pages, arrested 28 people and identified 117 trafficking victims in Ghana; Coinbase said it helped prevent more than $415,000 in losses. Bitcoin in Court: A U.K. ruling strengthens the government’s claim to 61,245 seized bitcoin, worth about $5 billion, leaving Chinese fraud victims with a narrower path to recovery. Market Watch: Bitcoin hovered near $83,000–$84,000 ahead of U.S. inflation data, after a sharp Asian stock sell-off triggered more than $800 million in crypto liquidations.

Crypto Goes Mainstream: Bybit has added more than 1,000 U.S. stocks and ETFs to eligible crypto accounts, with trading in USDC and tokenized stocks planned next. Scam Crackdown: A U.S.-UK-led operation targeting West African fraud networks resulted in 28 arrests and the removal of 3.7 million social media accounts; authorities cited crypto investment scams among the schemes. Wallet Security: Ledger confirmed a hardware implant in some reseller-sold devices that stole wallet recovery phrases, prompting retailer pullbacks and Trezor to tighten its reseller network. Bitcoin Markets: Bitcoin held near $83,000 despite market volatility, while Strategy chair Michael Saylor predicted a move above $100,000. Metaplanet, meanwhile, plans a $329 million bond sale to refinance Bitcoin-backed debt and fund share buybacks. Regulation and Access: A UK court ruled Chinese law governs claims to more than 61,000 seized bitcoin, leaving victims’ ownership claims unresolved. In Russia, Sberbank won approval to launch crypto trading in December.